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Ripple Announces Plan to Launch a Multichain USD-backed Stablecoin

Ripple Labs, a veteran blockchain-based cross-border payment company, has announced that it will be launching a US dollar-backed stablecoin to further bridge the gap between traditional finance and the cryptocurrency industry. According to the announcement, Ripple will be launching a stablecoin on Ethereum (ETH) under the ERC-20 token standard and on the XRPL network.

However, Ripple intends to expand its stablecoin to other blockchains and decentralized financial (DeFi) platforms in a bid to enhance its availability to global markets. Ripple projects that the stablecoins industry will grow from the current $150 billion valuation to around $3 trillion by 2028.

According to Ripple’s CEO Brad Garlinghouse, the launch of the stablecoin is a natural cause for the company’s development as a major cross-border firm. As Coinspeaker previously reported, Ripple has acquired several web3-oriented companies – including Standard Custody and License.

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